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Livermore
Livermore
ZHEN

Whitebox Advisors LLC

SEC CIK
0001257391
Latest filing
Aug 14, 2026

Holdings in Q2 2025

Holdings as of Jun 30, 2025, filed Aug 26, 2026. Long positions only; changes compare share counts with Q1 2025.

Institution overview
Positions
355
+67 vs. Q1 2025
Portfolio value
$3.67B
+$638.3M (+21.0%) vs. Q1 2025
Filed
Aug 26, 2026
AmendedSECSEC
Holdings of Whitebox Advisors LLC in Q2 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
VSXYVictoria's Secret & Co.COMMON STOCK65,340$1.21M<0.1%−3,000−4.4%ReducedHistory
MHNBlackRock Muniholdings New York Quality Fund, Inc.COM121,671$1.19M<0.1%−26,322−17.8%ReducedHistory
TBNTamboran Resources CorpCOM56,022$1.19M<0.1%+56,022NewHistory
AFBAlliancebernstein National Municipal Income FundCOM113,648$1.17M<0.1%−307−0.3%ReducedHistory
MCGAUYorkville Acquisition Corp.UNIT 06/06/2030100,000$1.13M<0.1%+100,000NewHistory
Global X FDS37954Y327GLBX MSCI COLUM38,100$1.10M<0.1%+38,100New–
CUBLionheart HoldingsSHS CL A100,000$1.05M<0.1%00.0%UnchangedHistory
FVNFuture Vision II Acquisition Corp.SHS100,000$1.04M<0.1%+100,000NewHistory
PLMKPlum Acquisition Corp. IVSHS CL A100,000$1.03M<0.1%00.0%UnchangedHistory
OBAWUOxley Bridge Acquisition LtdUNIT 06/17/2030100,000$1.00M<0.1%+100,000NewHistory
RTACRenatus Tactical Acquisition Corp ICOM80,000$944.0K<0.1%+80,000NewHistory
PCKPIMCO California Municipal Income Fund IICOM149,518$801.4K<0.1%−482−0.3%ReducedHistory
PCAPUProCap Acquisition CorpUNIT 05/16/203070,281$753.4K<0.1%+70,281NewHistory
Simplify Exchange Traded Fun82889N525MBS ETF11,306$566.3K<0.1%00.0%Unchanged–
HYACHaymaker Acquisition Corp VCLASS A50,000$555.0K<0.1%00.0%UnchangedHistory
NNNextnav Inc.COMMON STOCK36,299$551.7K<0.1%00.0%UnchangedHistory
DTSQDT Cloud Star Acquisition CorpSHS50,000$519.0K<0.1%00.0%UnchangedHistory
MUEBlackRock Muniholdings Quality Fund II, Inc.COM53,012$507.9K<0.1%−24,897−32.0%ReducedHistory
IMSRWTerrestrial Energy Inc.*W EXP 99/99/999200,000$470.0K<0.1%00.0%UnchangedHistory
HPPHudson Pacific Properties, Inc.COM146,560$401.6K<0.1%+146,560NewHistory
NBRNabors Industries LtdSHS12,996$364.1K<0.1%+2,592+24.9%AddedHistory
BULLWWebull Corp*W EXP 04/10/20389,397$361.2K<0.1%+89,397NewHistory
FAROFaro Technologies IncCOM8,132$357.2K<0.1%00.0%UnchangedHistory
ELBMElectra Battery Materials CorpCOM296,965$322.6K<0.1%−87,919−22.8%ReducedHistory
PNFPIMCO New York Municipal Income FundCOM45,163$315.7K<0.1%+45,163NewHistory
PNIPIMCO New York Municipal Income Fund IICOM46,192$310.4K<0.1%+46,192NewHistory
Cohen Circle Acquisition CorG3730H114*W EXP 01/31/202150,000$300.0K<0.1%00.0%Unchanged–
LCIDLucid Group, Inc.COM142,100$299.8K<0.1%+142,100NewHistory
CVSCVS Health CorpStock4,050$279.4K<0.1%00.0%UnchangedHistory
FERARFifth Era Acquisition Corp IRIGHT 02/21/2030750,000$211.0K<0.1%+750,000NewHistory
PCGPG&E CorpStock15,000$209.1K<0.1%00.0%UnchangedHistory
AMCAMC Entertainment Holdings, Inc.CL A NEW64,144$198.8K<0.1%−43,206−40.2%ReducedHistory
PYNPIMCO New York Municipal Income Fund IIICOM33,371$174.9K<0.1%+33,371NewHistory
DAAQWDigital Asset Acquisition Corp.*W EXP 04/01/203200,000$170.0K<0.1%+200,000NewHistory
TACHWTitan Acquisition Corp.*W EXP 05/16/203400,000$148.0K<0.1%+400,000NewHistory
RTACWRenatus Tactical Acquisition Corp I*W EXP 05/15/20370,000$142.8K<0.1%+70,000NewHistory
VLOSWVelos Acquisition I Corp.*W EXP 99/99/99975,000$131.3K<0.1%00.0%UnchangedHistory
SZZLRSizzle Acquisition Corp. IIRIGHT 04/02/2030650,000$130.0K<0.1%+650,000NewHistory
Soulpower Acquisition Corp.G82745137RIGHT 99/99/9999650,000$130.0K<0.1%+650,000New–
BEAGRBold Eagle Acquisition Corp.RIGHT 10/11/2029400,000$125.6K<0.1%00.0%UnchangedHistory
Silvia, Inc.G2296A117*W EXP 05/16/20375,000$124.5K<0.1%+75,000New–
Bigbear AI Hldgs Inc08975B117*W EXP 99/99/99950,598$121.4K<0.1%00.0%Unchanged–
HDRNWHadron Energy, Inc.*W EXP 08/29/202804,500$120.7K<0.1%00.0%UnchangedHistory
Real Asset Acquisition Corp.G73944111*W EXP 04/24/203250,000$115.0K<0.1%+250,000New–
RDAGWRepublic Digital Acquisition CoCOM150,000$108.0K<0.1%+150,000NewHistory
NPACWNew Providence Acquisition Corp. III/CaymanCOM166,666$104.2K<0.1%+166,666NewHistory
ALDFWAldel Financial II Inc.*W EXP 09/26/203200,000$104.0K<0.1%+200,000NewHistory
DRDBWRoman DBDR Acquisition Corp. IICOM200,000$100.0K<0.1%00.0%UnchangedHistory
Bitcoin Depot IN09174P113EQUITY WRT213,750$85.1K<0.1%00.0%Unchanged–
LPBBWLaunch Two Acquisition Corp.*W EXP 10/09/202175,000$80.9K<0.1%+175,000NewHistory
BZAIWBlaize Holdings, Inc.*W EXP 01/13/203209,250$80.4K<0.1%00.0%UnchangedHistory
Iron Horse Acquisitions Corp462837121RIGHT 99/99/9999150,000$74.8K<0.1%00.0%Unchanged–
Eqv Ventures Acquisition CorG3106N117*W EXP 07/01/20399,997$73.4K<0.1%00.0%Unchanged–
Willow Lane Acquisition Corp.G9675P110*W EXP 10/31/203200,000$72.0K<0.1%+200,000New–
OPIOffice Properties Income TrustCOM SHS BEN INT291,197$71.9K<0.1%00.0%UnchangedHistory
LPAAWLaunch One Acquisition Corp.*W EXP 06/01/203255,571$69.0K<0.1%00.0%UnchangedHistory
SIMAWSIM Acquisition Corp. I*W EXP 06/01/203250,000$68.4K<0.1%00.0%UnchangedHistory
NOEMRCO2 Energy Transition Corp.RIGHT 10/15/2028390,000$68.3K<0.1%00.0%UnchangedHistory
ONE Nuclear Energy Inc.G4405D115RIGHT 01/17/2030200,000$66.0K<0.1%00.0%Unchanged–
Rithm Acquisition Corp.G75751118*W EXP 99/99/999133,333$65.3K<0.1%+133,333New–
Spring Valley Acquistn CorpG83752116*W EXP 02/25/202464,261$65.0K<0.1%00.0%Unchanged–
RANGRRange Capital Acquisition Corp.RIGHT 99/99/9999250,000$62.5K<0.1%+250,000NewHistory
FLYYSpirit Aviation Holdings, Inc.COM12,182$61.7K<0.1%+12,182NewHistory
Crane HBR Acquisition CorpG24979117RIGHT 04/17/2030225,000$60.8K<0.1%+225,000New–
CHARRCharlton Aria Acquisition CorpRIGHT 12/31/2026399,000$59.9K<0.1%00.0%UnchangedHistory
Voyager Acquisition CorpG93A7H112*W EXP 05/16/203193,612$58.1K<0.1%00.0%Unchanged–
CCAQWCollective Acquisition Corp.*W EXP 04/04/203300,000$57.0K<0.1%+300,000NewHistory
SVCCWStellar V Capital Corp. (Cayman Islands)*W EXP 10/15/202200,000$54.0K<0.1%00.0%UnchangedHistory
Mountain Lake Acquisition Corp.G6301B127RIGHT 11/15/2028300,000$51.0K<0.1%00.0%Unchanged–
ATIIWArchimedes Tech SPAC Partners II Co.*W EXP 10/15/202125,000$50.7K<0.1%+125,000NewHistory
TAVIRTavia Acquisition Corp.RIGHT 11/26/2029300,000$49.5K<0.1%00.0%UnchangedHistory
Jackson Acquisition Co IIG4992A136RIGHT 99/99/9999175,000$49.0K<0.1%+175,000New–
DMAARDrugs Made In America Acquisition Corp.RIGHT 10/15/2029400,000$48.1K<0.1%00.0%UnchangedHistory
NTWOWNewbury Street II Acquisition Corp*W EXP 06/01/203187,500$46.9K<0.1%+187,500NewHistory
AA Mission Acquisition Corp.G1000R127*W EXP 08/01/203475,000$46.7K<0.1%00.0%Unchanged–
OACCWOaktree Acquisition Corp. III Life Sciences*W EXP 09/01/20350,000$43.8K<0.1%+50,000NewHistory
LCCCRLakeshore Acquisition III Corp.RIGHT 04/30/2025218,500$43.7K<0.1%+218,500NewHistory
CNCKWCoincheck Group N.V.*W EXP 12/11/20250,079$43.6K<0.1%00.0%UnchangedHistory
AISPWAirship AI Holdings, Inc.*W EXP 12/21/20221,750$43.3K<0.1%00.0%UnchangedHistory
GSHRWGesher Acquisition Corp. II*W EXP 10/31/203150,000$42.2K<0.1%+150,000NewHistory
NHICWNewHold Investment Corp. III*W EXP 01/30/203125,000$40.7K<0.1%+125,000NewHistory
TDACWTranslational Development Acquisition Corp.*W EXP 12/18/202152,500$38.2K<0.1%00.0%UnchangedHistory
FACTWFACT II Acquisition Corp.*W EXP 11/26/203125,000$37.5K<0.1%+125,000NewHistory
RZLVWRezolve AI PLC*W EXP 08/15/20246,500$37.2K<0.1%00.0%UnchangedHistory
Graf Global Corp.G4036C122*W EXP 05/31/203125,000$36.3K<0.1%00.0%Unchanged–
KFIIRK&F Growth Acquisition Corp. IIRIGHT 08/29/2031225,000$35.9K<0.1%00.0%UnchangedHistory
NOEMWCO2 Energy Transition Corp.*W EXP 08/17/202390,000$35.1K<0.1%00.0%UnchangedHistory
BKHARBlack Hawk Acquisition CorpRIGHT 06/20/202525,000$34.7K<0.1%00.0%UnchangedHistory
IPEXRInflection Point Acquisition Corp. VRIGHT 99/99/9999125,000$34.0K<0.1%+125,000NewHistory
Generation Essentials GroupG38268119*W EXP 02/15/20283,333$33.3K<0.1%+83,333New–
FLDDWFold Holdings, Inc.*W EXP 10/19/20246,500$33.0K<0.1%00.0%UnchangedHistory
DRTSWAlpha Tau Medical Ltd.*W EXP 03/07/202136,018$32.7K<0.1%00.0%UnchangedHistory
Vine Hill Cap Invt Corp.G93Y09115*W EXP 07/01/203132,500$32.0K<0.1%+132,500New–
CRMLWCritical Metals Corp.*W EXP 02/27/20269,750$31.8K<0.1%00.0%UnchangedHistory
VGASWVerde Clean Fuels, Inc.*W EXP 02/15/202177,090$30.3K<0.1%00.0%UnchangedHistory
AIRJWAirJoule Technologies Corp.*W EXP 03/15/20246,500$30.2K<0.1%00.0%UnchangedHistory
Distoken Acquisition CorpG27740136RIGHT 99/99/9999100,000$29.0K<0.1%00.0%Unchanged–
HOVRWNew Horizon Aircraft Ltd.*W EXP 99/99/999100,000$28.9K<0.1%00.0%UnchangedHistory
COLARColumbus Acquisition Corp/Cayman IslandsRIGHT 09/30/2025150,000$27.6K<0.1%00.0%UnchangedHistory
RIBBRRibbon Acquisition Corp.RIGHT 12/31/2026125,000$25.9K<0.1%00.0%UnchangedHistory

Options (27)

Puts and calls in the same filing. Amounts are the market value of the underlying shares, which is what 13F reports.

Option positions of Whitebox Advisors LLC in Q2 2025
SecurityClassPutsCalls
SPYSPDR S&P 500 ETF TrustETF$525.2M$123.6M
IBITiShares Bitcoin Trust ETFETF$122.4M–
VanEck ETF Trust92189H607OIL SERVICES ETF$103.6M–
iShares Russell 2000 ETF464287655ETF$75.5M–
AAPLApple Inc.Stock$61.6M–
iShares Tr464287184CHINA LG-CAP ETF$36.8M–
MARAMARA Holdings, Inc.COM$20.1M–
RIVNRivian Automotive, Inc.Stock$20.0M–
SPDR Series Trust78468R556SP O&G EXPL PRO$18.9M–
LUMNLumen Technologies, Inc.Stock$18.8M–
NVDANVIDIA CorpStock$15.8M–
SRPTSarepta Therapeutics, Inc.COM$12.2M–
HTZHertz Global Holdings, IncCOM NEW$10.7M–
HLFHerbalife Ltd.COM SHS$8.36M–
XRXXerox Holdings CorpCOM NEW$7.91M–
RUNSunrun Inc.COM$7.87M–
MPTMedical Properties Trust IncCOM$6.46M–
AMCAMC Entertainment Holdings, Inc.CL A NEW$6.20M–
JBLUJetBlue Airways CorpCOM–$5.29M
BYNDBeyond Meat, Inc.COM$3.34M–
SABRSabre CorpCOM–$3.16M
SVCService Properties TrustCOM SH BEN INT–$2.99M
RIGTransocean Ltd.REGISTERED SHS$2.59M–
NIONIO Inc.ADR$1.72M–
NFENew Fortress Energy Inc.COM CL A$1.33M–
TEADTeads Holding Co.COM$1.24M–
WOLFWolfspeed, Inc.Stock$997.0K$239.3K

Sold out since Q1 2025 (58)

Positions held at the end of Q1 2025 that are gone from this filing.

Positions of Whitebox Advisors LLC sold out since Q1 2025
SecurityClassShares in Q1 2025Value in Q1 2025% of portfolio in Q1 2025History
BERYBerry Global Group, Inc.COM2,037,826$142.3M4.7%History
INSMED Inc457669AB5NOTE 0.750% 6/0–$104.5M3.4%–
SPYSPDR S&P 500 ETF TrustETF136,000$76.1M2.5%History
Cinemark Hldgs Inc17243VAB8NOTE 4.500% 8/1–$64.5M2.1%–
ITCIIntra-Cellular Therapies, Inc.COM275,001$36.3M1.2%History
HCI Group, Inc.40416EAF0NOTE 4.750% 6/0–$30.2M1.0%–
Cryolife Inc228903AB6NOTE 4.250% 7/0–$21.4M0.7%–
Wayfair Inc.94419LAM3NOTE 0.625%10/0–$19.4M0.6%–
Tandem Diabetes Care Inc875372AD6NOTE 1.500% 3/1–$18.4M0.6%–
LivaNova PLC53802LAB8NOTE 2.500% 3/1–$15.5M0.5%–
Transocean Ltd.893830BW8DEB 4.625% 9/3–$8.84M0.3%–
Repligen Corp759916AD1NOTE 1.000%12/1–$8.62M0.3%–
Omeros Corp682143AG7NOTE 5.250% 2/1–$8.01M0.3%–
NVDANVIDIA CorpStock70,000$7.59M0.2%History
FERAUFifth Era Acquisition Corp IUNIT 99/99/9999750,000$7.55M0.2%History
Enovis CORP194014AB2NOTE 3.875%10/1–$4.59M0.2%–
ALDFUAldel Financial II Inc.UNIT 09/26/2031400,000$4.10M0.1%History
Willow Lane Acquisition Corp.G9675P128UNIT 99/99/9999400,000$4.05M0.1%–
Rithm Acquisition Corp.G75751126UNIT 99/99/9999400,000$4.04M0.1%–
TSLATesla, Inc.Stock15,000$3.89M0.1%History
NTWOUNewbury Street II Acquisition CorpUNIT 10/23/2029375,000$3.78M0.1%History
LPBBULaunch Two Acquisition Corp.UNIT 08/22/2029350,000$3.57M0.1%History
ITGRInteger Holdings CorpCOM28,832$3.40M0.1%History
GSHRUGesher Acquisition Corp. IIUNIT 03/11/2030300,000$3.01M0.1%History
Vine Hill Cap Invt Corp.G93Y09123UNIT 09/06/2026265,000$2.72M0.1%–
OACCUOaktree Acquisition Corp. III Life SciencesUNIT 10/04/2029250,000$2.61M0.1%History
RANGURange Capital Acquisition Corp.UNIT 12/11/2029250,000$2.57M0.1%History
BSIIBlack Spade Acquisition II CoCL A250,000$2.53M0.1%History
FACTUFACT II Acquisition Corp.UNIT 99/99/9999250,000$2.52M0.1%History
ATIIUArchimedes Tech SPAC Partners II Co.UNIT 10/15/2029250,000$2.52M0.1%History
NHICUNewHold Investment Corp. IIIUNIT 99/99/9999250,000$2.52M0.1%History
POLEUAndretti Acquisition Corp. IIUNIT 99/99/9999200,000$2.04M0.1%History
Jackson Acquisition Co IIG4992A201UNIT 99/99/9999175,000$1.80M0.1%–
UCFICN Healthy Food Tech Group Corp.COM150,000$1.57M0.1%History
NQPNuveen Pennsylvania Quality Municipal Income FundCOM128,019$1.44M<0.1%History
BKHABlack Hawk Acquisition CorpUSD CL A SHS125,000$1.32M<0.1%History
CAPNUCayson Acquisition CorpUNIT 99/99/9999125,000$1.31M<0.1%History
IPEXUInflection Point Acquisition Corp. VUNIT 01/23/2030125,000$1.27M<0.1%History
FVNNUFuture Vision II Acquisition Corp.UNIT 06/20/2029100,000$1.03M<0.1%History
FWRDForward Air CorpCOM41,136$826.4K<0.1%History
FLFoot Locker, Inc.COM54,579$769.6K<0.1%History
AALAmerican Airlines Group Inc.Stock50,000$527.5K<0.1%History
FMNFederated Hermes Premier Municipal Income FundCOM46,426$504.2K<0.1%History
SK Growth Opportunities CorpG8192N111*W EXP 06/28/202100,000$65.0K<0.1%–
ULYXUrgent.ly Inc.COM NEW15,435$62.5K<0.1%History
Aimfinity Investment Corp. IG0135E126*W EXP 04/21/202336,000$26.1K<0.1%–
Global Blockchain Acqui Corp37961B112RIGHT 05/09/2027225,000$22.3K<0.1%–
QVCGAOld QVC Group, Inc.COM SER A100,000$20.1K<0.1%History
Black Spade Acquisition II CG1153L117*W EXP 02/15/20283,333$18.3K<0.1%–
Marblegate Acquisition Corp.56608A113*W EXP 08/31/20281,375$13.0K<0.1%–
Bukit Jalil GBL AcquisitionG1676M121RIGHT 05/02/202450,000$13.0K<0.1%–
SMNRWSemnur Pharmaceuticals, Inc.*W EXP 03/28/202191,579$11.3K<0.1%History
Global Blockchain Acqui Corp37961B120*W EXP 05/09/202225,000$6.75K<0.1%–
AI Transn Acquisition CorpG01490104RIGHT 09/01/202820,000$3.10K<0.1%–
REEWFCartesian Growth Corp II*W EXP 07/12/20233,333$2.35K<0.1%History
Ocean Biomedical, Inc.67644C112*W EXP 02/14/20246,500$1.24K<0.1%–
Vast Renewables LimitedQ9379E113*W EXP 07/01/20234,875$1.18K<0.1%–
Heramba Elec PLCG4411J106*W EXP 07/26/20223,250$235<0.1%–